What accounts do I need to set up in the Chart of accounts, so I can automactically enter pay transactions into Cashbook?
As part of Employee Details setup, you have the option to Add Pay Transactions to Cashbook. You made need to setup the appropriate accounts in your Chart of Accounts. (see below):
Accounts required are:
Step 1: Set up an Operating Expense account for salary / wages payments:
Note: Difference between salary and wages:
Step 2: Set up an Operating Expense account for Superannuation payments
Step 3: Set up a Liability (Superannuation) account:
(This is account setup is optional. Setup if you wish your superannuation liability to appear in your Cashflow and Balance Sheet Reports.)
Step 4: Set up an Other Expense account for Superannuation withheld (owing), linked to the superannuation liability account